‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Investigating Former Chair of Auditing Industry Regulator – WSJ
The Securities and Exchange Commission is investigating whether the recently dismissed chairman of the auditing industry’s oversight board violated any rules in his handling of internal complaints at the regulator, according to people familiar with the matter. The SEC’s enforcement investigation is examining the actions of William Duhnke, who was dismissed from his job as […]
The SEC and Politics – SEC ACTIONS
Regardless of which side is correct, the key point is that the agency is heading toward the kind of gridlock on Capitol Hill and Congress. If that is the case its independence is being compromised; the losers will be the registrants, markets and the public. Transparency and investor protection will be lost in a cloud […]
Six Charged in Silicon Valley Insider Trading Ring
According to the SEC’s complaint, Nathaniel Brown, who served as the revenue recognition manager for Infinera Corporation, repeatedly tipped Infinera’s unannounced quarterly earnings and financial performance to his best friend, Benjamin Wylam, from April 2016 until Brown left the company in November 2017. The SEC’s complaint alleges that Wylam, a high school teacher and bookmaker, […]
SEC Chairman: Time to “Freshen Up” Rules Governing 10b5-1 Plans – Lexology
Chairman Gensler’s comments indicate that new, additional requirements for 10b5-1 plans are likely to be coming. In prepared comments made at The Wall Street Journal’s CFO Network event on June 7, 2021, SEC Chairman Gary Gensler explained that he has asked the SEC Staff to make recommendations on how to “freshen up” Rule 10b5-1 under […]
SEC Charges Issuer With Cybersecurity Disclosure Controls Failures
According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according […]
SEC Considers Changes to Trump-Era Rules – WSJ
Among the regulations that the SEC plans to revisit are amendments to its whistleblower award program and a rule requiring oil, gas and mining companies to disclose payments made to foreign governments. Both rules were passed late last year over opposition by the agency’s Democrats. The decision to revisit the rules is part of the […]
Bitcoin, other crypto ETFs face another hurdle in the U.S. with the ‘Sunday effect’ | Fortune
Digital currency enthusiasts are anxiously awaiting a regulatory decision on crypto exchange-traded funds in the U.S.—but there’s a drawback American asset managers will face, regardless: market hours. ETFs, by definition, trade on exchanges, which are subject to workweek-hour trading restrictions. Cryptocurrencies, on the other hand, can be bought and sold at all hours of the […]
Biden’s SEC budget request inadequate as agency tackles ambitious agenda, financial watchdogs say – MarketWatch
Biden’s overall fiscal 2022 budget proposal calls for roughly $6 trillion in spending, a 35% increase from pre-pandemic, 2019 spending of $4.4 trillion, but requests only a 5% increase from the 2021 fiscal-year request for the Securities and Exchange Commission — below the average budget increase over the past 25 years. Advocates for financial reform […]
SEC Is Running Out of Options to Rein In Elon Musk – WSJ
Many small shareholders revel in Mr. Musk’s willingness to stiff-arm regulators. Others are weary of the spectacle. Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, a Tesla shareholder, said he would like to see the company’s board of directors step in to moderate Mr. Musk’s behavior on Twitter. “I’m disappointed with the […]
Stablecoins Like Tether Should Face Regulators’ Scrutiny – Bloomberg
A money-market fund would never be allowed to follow such policies. The Securities and Exchange Commission permits money-market funds to use a $1 NAV under stable pricing conventions — valuing assets at amortized cost rather than at market price, and using “penny rounding” pricing — only on the condition that they limit their risk. Their […]